As CEO of Merrill Lynch, he oversaw the company's demise and arranged its sale to Bank of America in 2008. OK'd large bonuses for Merrill Lynch execs despite the company's fatal losses, and took $83,785,021 in personal pay and bonuses in 2007. Also drew derision for spending $1.22M to redecorate his office suite while the company floundered.

Hired as CEO and Chairman of CIT Group in February 2010, shortly after the lender emerged from Chapter 11 bankruptcy, at an announced pay of $6M per year in cash and stock.